TechnipFMC plc: TechnipFMC Announces First Quarter 2021 Results
Cash flow from continuing operations $182 million, free cash flow $137 million
Subsea inbound orders more than doubled sequentially to $1.5 billion
New partnerships leverage subsea expertise for integrated wind, wave energy
Regulatory News:
Summary Financial Results from Continuing Operations
Reconciliation of U.S. GAAP to non-GAAP financial measures are provided in financial schedules.
Three Months Ended
March 31,
$0.95
$(0.03)
(11.9%)
Total Company revenue in the first quarter was $1,632 million. Income from continuing operations attributable to TechnipFMC plc was $430.3 million, or $0.95 per diluted share. These results included income from the Company s equity investment in Technip Energies of $470.1 million primarily related to a favorable change in fair market value. After-tax charges and credits totaled $444.8 million of credit, or $0.99 per diluted share. Adjusted loss from continuing operations
Energean Prices $2.5bn Bond Offering
Mar 10, 2021 8:05:am
Summary
by: Joe Murphy
Posted in:
Energean Prices $2.5bn Bond Offering
Mediterranean-focused producer Energean has priced the $2.5bn in senior notes it plans to offer to pay down existing debts, the company reported in a stock filing on March 10.
The notes will be offered in four $625mn series. The first series matures on March 30, 2024, and carries a fixed annual interest rate of 4.5%, the second matures on March 30, 2026, and has a rate of 4.875%, the third matures on March 30, 2028, and has a 5.375% rate and the final one matures on March 30, 2031, and has a 5.875% rate. Interest on the notes will be paid twice a year on March 30 and September 30.
Country Focus: Interest remains high in Egypt’s gas sector [LNG Condensed]
Mar 10, 2021 10:30:am
Summary While the Covid-19 pandemic may have slowed gas operations worldwide, Egypt remains a hive of activity. Over the last 12 months, major new operators have bought into the sector or enlarged their positions, gas production continues to rise, a deal has been reached to increase imports of Israeli gas, and Egypt’s second LNG plant is slated to resume operations in the first quarter of this year, following an eight-year hiatus. [LNG Condensed Volume 3, Issue 1 - January/February 2021]
by: NGW
Posted in:
Country Focus: Interest remains high in Egypt’s gas sector [LNG Condensed]
Energean Plans $2.5bn Senior Debt Offering
Mar 1, 2021 8:40:am
Summary
by: Joe Murphy
Posted in:
Energean Plans $2.5bn Senior Debt Offering
Mediterranean-focused producer Energean plans to offer $2.5bn in senior notes to settle existing debts, it said on February 28.
The notes will be offered in four tranches and will mature in 2024, 2026, 2028 and 2031. The funds raised will be used to repay a $1.45bn outstanding project finance facility and a $700mn term loan, among other purposes, the company said in a London stock exchange filing.
Energean recently took final investment decisions on two new upstream projects: the Karish North gas field off Israel and a subsea tieback project at the North El Amriya (NEA) and North Idkunea (NI) concession offshore Egypt.
TechnipFMC plc: TechnipFMC Announces Fourth Quarter 2020 Results
All segments achieved financial guidance
Total Company inbound orders of $10.1 billion; Subsea orders of $4 billion
Resilient backlog of $21.4 billion; Subsea backlog of $6.9 billion
Fourth quarter 2020
Includes total after-tax charges, net of credits, of $0.14 per diluted share
Adjusted diluted earnings per share, excluding charges and credits, was $0.05
Includes expense resulting from increased liability to joint venture partners of $0.12 per diluted share
Regulatory News:
Summary Financial Statements Fourth Quarter 2020
Reconciliation of U.S. GAAP to non-GAAP financial measures are below and in financial schedules.
Three Months Ended
December 31,
$(0.09)
$0.05
(11.8%)
Total Company revenue in the fourth quarter was $3,426.1 million. Net loss attributable to TechnipFMC plc was $39.3 million, or $0.09 per diluted share. These results included after-tax charges and credits totaling $62.7 mill